Over half of a decade ago, resource-producing countries such as Canada – and more specifically provinces such as Ontario, Alberta and British Columbia, the main producing provinces in this country – suffered a ton of economic decline.
Falling oil and commodity prices reduced investment and employment in the energy sector, while a lower Canadian dollar raised the cost of imported goods and affected purchasing power for households.
At the same time, the lower dollar helped exporters and tourism, and growth in services, technology and real estate supported the gross domestic product. By 2018 the economy had steadied, though growth remained uneven across provinces.
For business owners, the lesson is to diversify income, plan marketing ahead of time and keep a close eye on costs during changing economic winds.